The following inventory balances relate to Megan's Manufacturing Company at the Beggining and end of the year: Raw Materials: Beggining $20,000, Ending $15,000. Work In Progress:Beginning $10,000, Ending $20,000. Finished Goods: Beginning $15,0000, Ending $3,000. Megan's sales were $250,000, total manufacturing costs were $170,000, and her selling and adminastrative costs were $50,000. Labeling all of your work , please calculate net income for this year.